UPDATE - Export Development Canada provides USD 72m for Dubai solar project

Phase I of the Mohammed bin Rashid Al Maktoum solar project. Source: http://www.dewa.gov.ae. All Rights Reserved.

June 23 (Renewables Now) - Export Development Canada (EDC), Canada's export credit agency, on Thursday announced USD 72 million (EUR 65m) in financing for the 800-MW phase III of the Mohammed bin Rashid Al Maktoum solar project in Dubai.

The financing is part of senior project finance banking facilities totalling USD 655 million for the 800-MW project, which reached financial close last week.  

EDC said its participation is predicated on the sale of solar panels from Canadian Solar Inc (NASDAQ:CSIQ). As announced at the end of May, the Guelph-based solar manufacturer has been chosen as the sole module supplier to deliver 268 MW of modules for a portion of the 800-MW scheme.

The third phase of the Mohammed bin Rashid Al Maktoum solar park is being developed by a consortium led by Abu Dhabi's renewable energy company Masdar that was joined by France's EDF (EPA:EDF) in March.

EDC said the transaction is an example of an eligible project for its green bond programme. The agency recently issued its third green bond of USD 500 million.   

(USD 1 = EUR 0.896)

More stories to explore
Share this story
About the author
Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription